Question: Which statement is correct regarding GAAP? a)GAAP reverses the rules of debits and credits, that is, debits are on the right and credits are on

Which statement is correct regarding GAAP? a)GAAP reverses the rules of debits and credits, that is, debits are on the right and credits are on the left. b)GAAP uses the same process for recording transactions as IFRS. c)The chart of accounts under GAAP is different because revenues follow assets. d)None of the above statements are correct.

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